$OPENPROP
$OPENPROP is OpenProp's token. The protocol's share of every settlement buys it on the market and burns it.
Supply and launch
| Ticker | $OPENPROP |
| Supply | 1,000,000,000, fixed |
| Launch | 100% of the supply to one public launch on equal terms |
| Allocations | None: no presale, no team, investor or airdrop allocation, no vesting |
Nothing is reserved and nothing unlocks later. Every token in circulation was bought in the same public launch.
Where the buy comes from
OpenProp charges no deposit, withdrawal or swap fee. Its one fee is taken at settlement: when an epoch ends, each book's positive excess above its high-water mark — what the quoter earned over a passive hold — is split three ways.
| Share | Goes to |
|---|---|
| 50% | The vault, raising the value of every LP share |
| 40% | The quoter's USDC bond |
| 10% | The protocol: buys $OPENPROP on the market and burns it |
At each settlement the protocol's 10% is paid in USDC into the protocol's own token account, which the program holds at its protocol address. That USDC has one way out: a buyback transaction that claims it, swaps it for $OPENPROP through Jupiter and burns every token the swap returned. The program checks at the end of the same transaction that the token's supply fell by at least the quoted amount and that the cranker who sent it kept no USDC and no $OPENPROP; if either check fails, the whole transaction, the claim included, never happened. No admin or treasury key can move that USDC anywhere else. The supply only goes down, and how fast depends on one thing: how much excess the books earn above their marks. A venue whose quoters price well burns more.
Fees and settlement works through the split with numbers.
What drives the burn
- Excess, not volume. A fill earns the protocol nothing on its own; only excess above a book's high-water mark is shared, so the burn follows how well the books price. A book that loses and then recovers pays nothing on the recovery.
- Settlement, once an epoch. The protocol's share arrives with each epoch's settlement, about every 24 hours, and the cranker buys and burns it once the balance reaches its configured minimum. Deposits and withdrawals carry no fee.
Where to see it
Every settlement is on the Epochs page with each book's excess and its split, including the protocol's 10%. The settlement records are on chain and in the API (GET /v1/epochs/{epoch}). Every burn writes a buyback event on chain — USDC spent, tokens burned, slot — and GET /v1/buybacks lists them with the running totals.